Scientific Games is instituting a number of cost-savings measures to ensure stability for its team members and protect the operations of the company.
The measures will include workforce hour and pay reductions to preserve as many jobs as possible and furloughs for those support roles that have seen a decrease in industry work, it said in a statement on Monday.
Executive leadership has taken a 50 percent voluntary salary reduction, which chief executive Barry Cottle has taken a 100 percent reduction in pay.
“Scientific Games CEO Barry Cottle said: “Like many others, our industry is facing unprecedented challenges from the widespread impact of the COVID-19 outbreak. We are working around the clock to take care of our employees, customers, shareholders, and other key stakeholders in these difficult times while providing uninterrupted products and services to those customers who continue to operate,” said Cottle.
“Thankfully, we came into this year with a very strong liquidity position, including substantial capacity under our revolver, and also refinanced our debt, extended our major maturities and lowered our interest expense. We have a diverse portfolio of assets, products, and services that uniquely position us to weather this crisis.”
The company has also established a Hardship Relief Fund to provide short-term assistance to those employees and their immediate families who incur unexpected and onerous personal, family, or living expenses as a result of the COVID-19 crisis. The Company, Barry Cottle and several other senior executives will be making contributions to the fund.
“Scientific Games leadership will continue to evaluate this rapidly-evolving situation and assess the duration of cost-savings measures based on the continuing impact of COVID-19,” said the company.